BTC - Macro Support 👑

28. Aug. 2023

Greetings, TradingView Family! This is Richard, also known as theSignalyst.

🏹 From a macro standpoint, Bitcoin has been predominantly bullish, characterized by higher highs and higher lows.

Moreover, BTC is currently positioned around a robust support level at the psychologically significant round number of 25,000.

📌 As long as the support at 25,000 remains intact, there is an expectation that the bulls may regain control at any moment.

As per my trading style:
I will be looking for bullish setups (like a double top pattern, trendline break, and so on...) to confirm the bulls takeover.

📌 However, it's worth noting that BTC still has the possibility of descending, potentially dipping into the range between 24,300 and 25,000, or even breaching this support level to the downside.

📉 In the event that the support at 24,300 is breached downward with a daily candle closing below this level, it could signal a significant and lasting shift in market sentiment from bullish to bearish.

📚 Always remember to follow your trading plan when it comes to entry, risk management, and trade management.

Good luck!

Remember, all strategies are good if managed properly!

~Rich